{
  "id": 161177,
  "title": "Oil drops for third-day on signs of progress toward Hormuz deal",
  "url": "https://urgent.news/2026/08/05/oil-drops-for-third-day-on-signs-of-progress-toward-hormuz-deal",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-05T03:52:36.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/commodities/oil-drops-for-third-day-on-signs-of-progress-toward-hormuz-deal/article71307976.ece"
  },
  "original_language": "en",
  "account": "Crude prices continued their downward trend for the third consecutive day as investors grew optimistic about a potential deal to reopen the Strait of Hormuz. Brent crude slipped close to $78 a barrel, while West Texas Intermediate hovered near $74 after experiencing a 10% decline in the previous two sessions. Qatar announced on Tuesday the creation of an interim proposal, and both Washington and Tehran expressed progress in discussions aimed at reopening the waterway. According to Axios, the United States, Iran, and Oman were close to reaching an interim agreement to restore access to the strait, with Washington hoping to announce the deal later on Wednesday. The reported talks come as oil prices have plummeted over the past two weeks following US President Donald Trump's postponement of new strikes on Iran to allow for further negotiations. Even if a short-term deal to facilitate commercial shipping through the strait is achieved, it may not fully resolve the ongoing conflict or Trump's concerns regarding Iran's nuclear ambitions. Robert Yawger, director of the energy futures division at Mizuho Securities USA LLC, noted that \"now that passions have cooled somewhat, perhaps there is a chance a deal can be agreed to.\" However, he also cautioned that \"I still expect a bad deal to ultimately get done, which will allow the US to declare some kind of victory, but leave a lot of loose ends, including the nuclear deal.\" The previous US-Iran ceasefire was short-lived, collapsing over the Strait of Hormuz within a month and causing a $32-a-barrel surge in Brent prices last month. The conflict subsequently spread to the Red Sea before a brief respite in late July was disrupted by diplomatic efforts. On Tuesday, US President Trump spoke with Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani about efforts to ease US-Iran tensions, according to the Gulf state’s government. The White House confirmed the call without providing additional details. Positive developments include Iran's consideration of allowing European nations to clear mines from the strait, as disclosed by diplomats, and Oman and Iran's constructive talks centered on safe routes in the waterway, according to the country’s foreign ministry. Meanwhile, Saudi Arabia is engaging in discussions with Yemen’s Houthi rebels through Omani mediators as part of its strategy to forestall the conflict's escalation. The OPEC nation continues to prepare military options in case talks fail. US crude inventories surged by 2.7 million barrels last week, with Cushing, Oklahoma — the delivery hub for West Texas Intermediate — seeing a 2.4 million-barrel increase, marking the highest rise since March and potentially bringing levels back above the 20 million-barrel threshold deemed crucial for operational viability.",
  "summary": "Axios reported the US, Iran and Oman were nearing an interim accord to reopen the conduit, with Washington aiming for an announcement later Wednesday",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Hellenic Shipping News",
        "title": "Bessent says there may be deal Tuesday or Wednesday to open Strait of Hormuz with ‘freedom of movement’",
        "url": "https://urgent.news/2026/08/04/bessent-says-there-may-be-deal-tuesday-or-wednesday-to-open-strait-of-149208",
        "published": "2026-08-04T21:00:57.000Z"
      },
      {
        "outlet": "Moneyweb",
        "title": "Oil drops for third day on signs of progress toward Hormuz deal",
        "url": "https://urgent.news/2026/08/05/oil-drops-for-third-day-on-signs-of-progress-toward-hormuz-deal-161594",
        "published": "2026-08-05T06:00:20.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}